In the dynamic landscape of the metaverse, consumer companies take the lead, utilizing state-of-the-art patents to drive innovation and streamline their operations. These patents encompass a range of advancements, from sophisticated voltage regulation to adaptive wireless communication and immersive scene reconstruction, highlighting the sector’s strong commitment to progress and the potential for significant advancement. Strategic deals are now pivotal in forging lucrative partnerships, while the evolving hiring landscape places management occupations at the forefront, reflecting the industry’s digital shift and focus on innovation. The impact of metaverse extends beyond the consumer sector, influencing various industries. GlobalData’s metaverse market report offers a thorough, forward-looking analysis of the global metaverse use cases, and key verticals in a concise format. Buy the report here.
This article presents a quarterly round-up of the latest trends in the consumer industry regarding metaverse. It provides an overview of recent developments in metaverse-related deals, talent acquisition, and patent filings within the consumer industry.
Diverse applications of metaverse in consumer industry
Consumer companies in the field of metaverse are leveraging the latest patents to innovate and improve their businesses. Intel Corp has patented a digital voltage regulator (DVR) control system that includes synchronous LC circuitry and asynchronous gradual NLC circuitry to adjust voltage based on load conditions. This technology can enhance the performance and efficiency of devices in the metaverse. LG Corp has patented a wireless communication method using an on-device learning-based machine learning network. This method enables adaptive wireless communication services in the metaverse by updating machine learning networks based on actual communication environments. Additionally, Intel Corp has patented a method for indoor scene reconstruction using 2.5D and 3D models, which can contribute to creating immersive environments in the metaverse. These patents provide the acquirers with valuable technologies and applications to enhance their presence in the evolving metaverse landscape.
The industry experienced an 8% decline in the number of metaverse-related patent applications in Q2 2023 compared with the previous quarter. On an annual basis, the number of metaverse-related patent applications in the consumer industry witnessed a rise of 22% compared with Q2 2022.
Strategic deal trends in metaverse in consumer industry
Consumer companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in metaverse. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of metaverse in the consumer industry.
In Q2 2023, the number of metaverse-related deals in the consumer industry remined flat by 0.00% compared with Q2 2022. On a quarterly basis, there was 20% increase in the number of deals in Q2 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q2 2023, the consumer industry experienced a 33% drop compared with the previous quarter. On an annual basis, job postings also declined by 13%. Notably, management occupations, with a share of 26%, emerged as the top metaverse-related job roles within the consumer industry in Q2 2023, with new job postings drop by 31% quarter-on-quarter. Arts, design, entertainment, sports, and media occupations came in second with a share of 7% in Q2 2023, with new job postings dropping by 28% over the previous quarter. The other prominent metaverse roles include computer and mathematical occupations with a 6% share in Q2 2023, and business and financial operations occupations with a 6% share of new job postings.
L'Oreal, LVMH Moet Hennessy Louis Vuitton, Colgate-Palmolive, Lego, and Nestle are among the top companies leading in metaverse hiring within the consumer industry.
Countries driving adoption of metaverse in consumer industry
The US is the leading country in metaverse adoption within the consumer industry, boasting the highest number of metaverse-related patents, jobs, and deals. Meanwhile, the UK, Sweden, South Korea and Australia also maintain significant positions in metaverse adoption within the consumer industry.
In summary, the consumer industry shows mixed trends in metaverse-related activities, with an annual increase in patent applications but flat deal numbers. Job postings have seen a notable decline, particularly in management occupations while companies like L'Oreal, LVMH Moet Hennessy Louis Vuitton, and Colgate-Palmolive are actively hiring in the metaverse space.
To further understand GlobalData's analysis on metaverse market, buy the report here.